On December 21, 20X6, Shaw Company accepted from Bogner a $10,000, 90-day, 8% note in lieu...

On December 21, 20X6, Shaw Company accepted from Bogner a $10,000, 90-day, 8% note in lieu of an existing $10,000 account receivable. Shaw Company's fiscal year-end is December 31. What journal entry, if any, should Shaw Company record on December 31, 20X6?

Expert Solution

	Shaw Company
	On December 31,20X6
Date	Particular	Amount (Dr)	Amount (Cr)
December 31st	8% Note Receivable	$ 10,000.00
	To Accounts Receivable		$ 10,000.00
	(Being amount of 90 days 8% Note Received from Bogner)


	Explaination

	At the time of credit sales (Sales has already made)
	Jouranl Entry will be
	Accounts Receivable
	To Sales
	So when 8% Note received from Accounts Receivable entry will be passed
	8% Note Receivable
	To Accounts Receivable

ekkarill92 answered 3 years ago

On May 14, Bentley Company received a $75,000, 8%, 90 day note from a customer for...

On May 14, Bentley Company received a $75,000, 8%, 90 day note from a customer for the sale of merchandise. What is the maturity date of this note? What is the maturity value of this note? Record the journal entries on May 14 and the maturity date for Bentley Company, the payee on the note. May 14: Maturity Date:

Uniform Supply accepted a $5,600, 90-day, 12% note from Tracy Janitorial on October 17. If the...

Uniform Supply accepted a $5,600, 90-day, 12% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Assume no reversing entries are made.) (Use 360 days a year.) Debit Notes Receivable $5,600; debit Interest Receivable $168; credit Sales $5,768. Debit Accounts Receivable $5,768; credit Interest Revenue $28; credit Interest Receivable $140, credit Notes Receivable $5,600. Debit Cash...

B 1 On December 1, Destin Corporation borrowed $10,000 on a 120-day, 8% note. Prepare the...

B 1 On December 1, Destin Corporation borrowed $10,000 on a 120-day, 8% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note. B 3 Mary Stine’s regular hourly wage rate is $12, and she receives an hourly rate of $18 for work in excess of 40 hours. During a March pay period, Mary works 47 hours. Mary’s federal income tax withholding is $70, and she...

Your company accepted a 120-day, 6% note for $108,000 from Winter Company on account. On the...

Your company accepted a 120-day, 6% note for $108,000 from Winter Company on account. On the maturity date, Winter Company still cannot pay, so you accept a new a 60-day, 10% note for the full amount due (principal and interest). How much cash will you receive if Winter Company pays you in full on the maturity date of the second note?

Following are transactions of Danica Company. Dec. 13 Accepted a $28,000, 45-day, 8% note in granting...

Following are transactions of Danica Company. Dec. 13 Accepted a $28,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $22,000, 8%, 90-day note in granting a time extension on the past-due account receivable...

On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note....

On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the payment of the note by Jarrett Company on the maturity date? Multiple Choice Debit Notes Payable $7,500; credit Interest Expense $150; credit Cash $7,350. Debit Notes Payable $7,500; credit Cash $7,500. Debit Notes Payable $7,650; credit Cash $7,650. Debit Notes Payable $7,500; debit Interest Expense $150; credit Cash $7,650. Debit Cash $7,650; credit Interest Revenue...

On May 12, Scott Rinse accepted an $15,000, 13%, 90-day note for a time extension of...

On May 12, Scott Rinse accepted an $15,000, 13%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 12%. (Use Days in a year table.) What proceeds does Scott receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)

On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of...

On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. Assuming the company does not prepare reversing entries, what is the journal entry to record the repayment of the note on March 1? Multiple Choice Debit Notes Payable, $15,000; Debit Interest Expense, $150; Debit Interest Payable, $75; Credit Cash, $15,225. Debit Notes Payable, $15,000; Credit Cash, $15,000. Debit Notes Payable, $15,225; Credit Cash, $15,225. Debit Notes Payable, $15,000; Debit Interest Expense, $225; Credit...

You company borrows $80,000 cash on December 1, by signing a 120 day, 8% note, with...

You company borrows $80,000 cash on December 1, by signing a 120 day, 8% note, with a face value of $80,000. Answer the following questions and record the transactions noted. Record the issuance of the note on December 1. Calculate and record the journal entry for interest required on December 31st. Record the payment of interest and principal at maturity.

Year 1 Dec. 16 Accepted a $14,400, 60-day, 8% note in granting Hao Lee a time...

Year 1 Dec. 16 Accepted a $14,400, 60-day, 8% note in granting Hao Lee a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Lee note. Year 2 Feb. 14 Received Lee’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Taylor Co. 17 Accepted a $4,200, 30-day, 10%...

Question